TITLE
Recommendation to adopt resolution declaring the intention to establish Community Facilities District No. 2011-1 (Douglas Park - North of Cover Street Area - Services Levy); initiate proceedings to levy special taxes; approve boundaries and rate and method of apportionment of special taxes; establish voting procedure; and set the date for a public hearing for Tuesday, January 18, 2011 at 5:00 p.m. (District 5)
DISCUSSION
The City and The Boeing Company are parties to a Douglas Park Amended and Restated Development Agreement (Amended DA). Section 8.23.2.3 of the Amended DA provides for the formation of a Community Facilities District (CFD) by the City to include land north of Cover Street in the Douglas Park area of the city, which will finance certain municipal services described in the Amended DA. All of the property proposed to be included in the new CFD is currently owned by The Boeing Company.
The Long Beach Special Tax Financing Improvement Law, as contained in the Long Beach Municipal Code, governs the formation of the CFD by the City Council. On December 21, 1999, the City Council adopted Local Goals and Policies for CFDs related to commercial development. The Special Tax Financing Improvement Law provides a mechanism to form a CFD to finance municipal services. Once formed, a CFD may finance specified services through payment of a special tax levied against the owners of land within the CFD. These special taxes are then used to pay for any authorized municipal service and any expenses associated with the administration of the CFD.
The proposed boundary map, on file with the City Clerk as outlined in Exhibit C of the Resolution, for the proposed CFD shows the parcels to be included in the CFD, all of which are owned by The Boeing Company.
Adoption of the attached Resolution declares the City Council’s intention to initiate the CFD formation proceedings and sets the date of public hearing on the CFD for January 18, 2011 at 5:00 p.m. The R...
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